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Is New Fundraising For Properties Gearing Up?

One non-traded REIT and several private funds are among the new investment entities focused on the net lease sector to have been launched in recent months.

By Michelle Napoli | Updated on July 23, 2009

NEW YORK CITY—Despite a relative paucity of sales transactions, there are some signs that fundraising for future net lease property investment is beginning to ratchet up, or at least that there are hopes among some would-be fundraisers. One non-traded REIT and several private funds are among the new investment entities focused on the net lease sector to have been launched in recent months.

Last month Angelo, Gordon & Co., the New York City-based alternative investment advisor, filed with the Securities and Exchange Commission for a private placement fund, dubbed AG Net Lease Realty Fund II LP. The filing indicates that there is no predetermined limit to how much equity the fund will seek to raise, but $1 million is the minimum investment. As of the June 30 filing, no sales of the fund had yet occurred.

Gordon Whiting, founder, managing director and chief portfolio manager of Angelo, Gordon’s net lease group, confirms “we are in the market raising a new net lease fund.” The focus will be on sale-leasebacks with less-than-investment-grade tenants, the same market segment the group has focused on in the past. Whiting says he is confident there is “tremendous opportunity” ahead in the market.

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